Micron Technology (MU) stock fell 2.6% on Monday, ahead of the company's fiscal fourth-quarter earnings on September 30. Micron and other chip stocks were affected by broader market pressures and news that OpenAI has paused training some advanced AI models amid safety issues, raising concerns about AI-driven chip demand. Nonetheless, Morgan Stanley analyst Joseph Moore reiterated a Buy rating on MU stock with a price target of $1,200.

Moore noted that near-term conditions in the memory market are "still very good," with solid demand and higher pricing. While the 5-star analyst remains bullish on Micron and expects earnings estimates to be revised higher after the Q4 FY26 print, he expects the revisions to be smaller than in prior quarters. Moore expects memory strength to be durable, but agrees that debates over how long it lasts may take time to resolve, as there's no immediate way to prove it.

Moore ranks No. 116 among more than 12,500 analysts tracked on TipRanks. He has a 62% success rate, with an average return per rating of 26.2%.